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ANGL Anglo Irish BK.

0.207

0.00 (0.00%)

20 Dec 2024 - Closed

Delayed by 15 minutes

Anglo Irish Bank Investors - ANGL

Share Name	Share Symbol	Market	Stock Type
Anglo Irish BK.	ANGL	London	Ordinary Share

	Price Change	Price Change %	Share Price	Last Trade
	0.00	0.00%	0.207	00:00:00

Open Price	Low Price	High Price	Close Price	Previous Close
			0.207	0.207

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Top Posts
Posted at 18/10/2010 18:41 by lbo A hotel investment project in Washington DC backed by Irish investors has been repossessed by Barclays Capital which is trying to recover loans. At the time the purchase was hailed as a 'unique investment opportunity' by Claret Capital owner Domhnal Slattery. Read Full Thread Reply
Posted at 03/2/2010 11:09 by lbo Manchester United bond issue falls flat Manchester United may be in contention for another Premier League title, but its success on the pitch has worked little magic in the City. The club's first bond issue, launched barely two weeks ago, has become one of the market's worst performers this year. While the club has secured the £500m ($798m) funding that it needs to refinance its bank debt, the paper losses suffered by investors could affect its ability to return to bond markets. The bid price of United's £250m of sterling-denominated bonds has dipped to 93% of face value Quinn group starts talks on its 780m bank and bond debt Read Full Thread Reply
Posted at 13/1/2010 16:08 by lbo EMPG says in talks over Houghton Mifflin Educational media company EMPG, formerly Riverdeep and the owners of Houghton Mifflin Harcourt, has confirmed it is in discussions which will result in 'comprehensive' financial restructuring. Earlier this afternoon, Fine Gael TD, George Lee, said that Houghton Mifflin Harcourt has failed and that a number of Irish equity investors have lost significant sums of money as a result. "Many of these investors were funded through large loans from Anglo Irish Bank, which is now wholly owned by Irish taxpayers. As a company, Houghton Mifflin Harcourt was a highly leveraged operation and had very significant banking commitments. I understand that the remaining US business is to be transferred to its bond holders. However, it appears that its Irish equity investors will lose all of their investment as a result of this failure. This will have repercussions for Anglo Irish Bank, and possibly other Irish banks, and therefore the Irish taxpayer," he said. According to RTE this afternoon, stockbroking company Davy has been in touch with a number of investors informing them that their equity has been wiped out. Houghton Mifflin Harcourt supplied educational resources to a number of US States. However, demand for Houghton Mifflin Harcourt's products has fallen as a result of the recession Read Full Thread Reply
Posted at 02/11/2009 21:03 by lbo Anglo Irish Bank is being sued by 21 "high net worth" Irish-based private investors for $23 million dollars over their investment in a fund to buy and renovate two hotels in New York, the Commercial Court heard today Read Full Thread Reply
Posted at 08/7/2009 12:27 by lbo Property investor Derek Quinlan has confirmed his intention to step down as chairman and partner of of the Dublin investment company that bears his name at the end of this month. Read Full Thread Reply
Posted at 02/3/2009 18:08 by masurenguy Citywire Savers in Irish banks face new compensation fears By Lorna Bourke: 02 March 2009 Investors in Irish Banks and the Post Office, through its joint venture with the Bank of Ireland, are once again worrying about the safety of their money. As the storm clouds gather over Eastern European banks and the markets brace themselves for yet another banking shock, investors are once again worrying about the safety of their money in particular, money held in Irish Banks where the government has been forced to nationalise some of the banks. A Citywire reader highlights the situation. 'Back in September of last year Anglo Irish Bank was advertising a two year bond paying 7% gross. I did all the checks and found that its UK subsidiary was covered by the UK Financial Services Compensation Scheme for up to £50,000 so I cautiously invested £50,000.' 'Some weeks ago I received a letter from the bank stating that because the Irish Government now offered 100% compensation, Anglo Irish Bank is no longer covered by the FSCS. I am not happy with this as I regard this as a material change in the terms of my contract with Anglo Irish Bank. Will the FSCS step in if the Irish Government reneges on compensation for foreign depositors? There are increasing rumours that Ireland, like Iceland, is now bankrupt. The answer from the FSCS is not reassuring. 'Because the cover provided by the Irish Government is higher than that offered by the FSCS we are no longer involved.' But will the FSCS step in if the Irish Government is unable to meet its obligations to foreign depositors? 'We cannot comment on the financial stability of other governments. We are no longer involved in the compensation process for this bank,' says a spokesman for the FSCS. Our Citywire reader is not alone. Hundreds of thousands of Post Office investors are similarly affected. Bank of Ireland, through its joint venture with the Post Office, has hundreds of thousands of UK account holders, with more than £6 billion in cash Isas, bonds and easy-access accounts. Anglo Irish Bank and Bank of Ireland were both effectively nationalised in January. Because of mounting concerns about Irish banks, the Irish Government offered 100% protection to investors, without limit in September of last year. This prompted a big inflow of funds to the Post Office and other Irish banks from British savers who saw this as better protection than the £50,000 offered under the FSCS. The Post Office accounts were underwritten by Bank of Ireland, and the Post Office has since written to 500,000 account holders telling them their money is no longer covered by the UK savings protection scheme. The letters, which have been prompted by an edict from the Financial Services Authority, warn that the UK's Financial Services Compensation Scheme would play no part in compensating savers if an Irish bank failed in a similar way to the Icelandic banks Landsbanki and Kaupthing Edge. So what would happen to small savers if the Irish government froze deposits or limited withdrawals or even worse, defaulted on repayment of depositors' accounts? Nobody knows. While the FSCS and the Financial Services Authority say that legally they can take no responsibility in cases where banks are not part of the UK scheme, some experts believe that it is possible though by no means certain that the European Central Bank would step in and bail out the banks because Ireland is in the Eurozone. However, this would not necessarily include full compensation for depositors. Given that there are 500,000 UK depositors who put money into the Post Office the vast majority of them not realizing that the money was actually invested with Bank of Ireland there would be huge pressure on the UK government to step in and assist UK depositors, as it did in the case of Icelandic banks. But there is no guarantee of that either. Protection for savers with Bank of Ireland and Anglo Irish Bank now depends solely on the strength of the Irish economy, which is being questioned. Since September the Irish economy and its banking system have deteriorated rapidly. Anglo Irish has been nationalised and the other two banks, Bank of Ireland and Allied Irish are being supported with government cash. The Irish economy is forecast to shrink faster than that of any other country in the wider EU region with the exception of Latvia. Anglo Irish is not allowing investors with fixed rate deposits to withdraw funds except in 'an emergency' and even then investors will have to take 60 days loss of interest. The bank refutes the idea that the collapse of confidence in Irish banks is 'an emergency'. Read Full Thread Reply
Posted at 27/2/2009 12:27 by masurenguy RTE News Friday, 27 February 2009 10:18 Consortium interested in Anglo Irish A consortium of Irish and foreign investors has held discussions about taking a majority shareholding in Anglo Irish Bank and investing 5bn in the financial institution. The consortium has been in talks with the Government and the National Treasury Management Agency. If a deal could be agreed the consortium has assembled a new management team for Anglo that would be led by David Morgan, a former chief executive of one of Australia's largest banks, Westpac. It comes despite Anglo being the source of multiple banking scandals and much damage to Ireland's financial reputation abroad. It is believed that the Mallabraca consortium, made up of US, Irish and Middle Eastern investors, has held talks with the Government on the issue. But the investors have written to the State to put their interest in Anglo on hold while investigations by gardaí and the Office of the Director of Corporate Enforcement continue. However, there are indications this could be overcome by some form of indemnity. Under the proposal the investors would inject 5bn of equity into the bank. They would assume majority control and share risks with the State. Government sources say they would closely examine any serious outside investment in Anglo. It is understood any proposal that would benefit the State and stabilise the bank could be agreed and Executive Chairman Donal O'Connor would be prepared to stand down to make way for a new chief executive. Read Full Thread Reply
Posted at 26/2/2009 08:07 by masurenguy Independent.ie Thursday 26th February 2009 Key 'golden circle' files seized in Anglo swoop By Shane Phelan, Joe Brennan and Dearbhail McDonald FRAUD squad detectives have seized key documents linked to the 451m 'golden circle' loans from Anglo Irish Bank, the Irish Independent has learned. The loans were the primary focus of initial searches on Tuesday of Anglo's headquarters by officers acting under the direction of corporate enforcer Paul Appleby. The revelation came as the Financial Regulator, which has been conducting a separate investigation into matters at the bank, last night confirmed it uncovered matters "of such a serious nature" that they had now been referred to the gardai. The Irish Independent understands the material passed to detectives also relates to the 'golden circle' transactions , and to the movement of 7.45bn in deposits between Anglo Irish from Irish Life & Permanent to bolster Anglo's books. The disclosures gave an indication of the gathering momentum behind separate investigations by the Director of Corporate Enforcement and the Financial Regulator. Documents seized at the bank's headquarters, on St Stephen's Green in Dublin, in the two days since it was raided by fraud squad detectives were being examined last night at Mr Appleby's office, where tight security has been put in place to safeguard the material. The Government recently sanctioned a 500,000 contract to beef up security at the office on Parnell Square in Dublin in recognition of Mr Appleby's growing role in investigating alleged white-collar crime. Investigators from his office, backed up by 16 gardai from the Garda Bureau of Fraud Investigation, are expected to resume searches at Anglo Irish's headquarters this morning. Informed sources revealed the main focus of the initial searches was documentation about the so-called 'golden circle' loans in the context of possible breaches of Section 60 of the Companies Act. That section of the act bars firms from providing loans to buy their own shares, except where the money lent is "part of the ordinary business of the company". Anglo Irish loaned 451m to a group of 10 customers so they could buy a 10pc stake in the ailing bank to support its share price. The director is investigating whether that amounted to market manipulation. Under tough new EU rules, insider dealing and market manipulation are punishable by fines of up to 10m and a maximum 10-year prison term if a person is convicted. Legal and accounting sources last night said that for the loans to be put in the clear, the Director of Corporate Enforcement and Financial Regulator would need to conclude that they were made under normal commercial terms. Anglo has always insisted that before making a loan, it firstly looked at a borrower's ability to repay. It also placed a huge emphasis in the normal course of lending on getting hold of other assets belonging to a borrower as security, as well as personal guarantees that the loans would be paid back. However, this does not appear to have been the case with the 'golden circle' loans. Anglo Irish confirmed last week that 75% of what was borrowed by the 'golden circle' was only backed by the shares themselves, which are now virtually worthless. Just 25% of the total loan was backed by other collateral from the investors, meaning that they can really only be chased for 112.75m. They have already paid back 83m of the total loan, believed to have come from the sale of some Anglo shares before it was nationalised. Mr Appleby is also seeking to establish whether the loans were made in line with normal lending practice. His office will be looking to see if the bank pre-packaged the loans for the 'golden circle' or if the investors actually asked the bank to provide funding for the deal. Sources emphasised that although these loans were the initial focus of the inquiry, Mr Appleby's team will also be getting to grips with other areas, including loans to directors. Meanwhile, the Opposition went on the attack last night over the Government's failure to sanction 20 additional staff for the Director of Corporate Enforcement when he sought them in 2005. Tanaiste and Enterprise Minister Mary Coughlan admitted that it took two years for the request to be reviewed. At that stage only eight additional staff and one additional garda detective were assigned to the director. Fine Gael Enterprise spokesman Leo Varadkar claimed the revelation showed Fianna Fail had a soft stance on corporate crime. "Fianna Fail ministers have repeatedly refused requests from the Office of the Director of Corporate Enforcement for extra staff and more resources in its fight against white-collar crime," said Mr Varadkar. The Tanaiste said she would be "sympathetic to any reasonable request for additional resources" which Mr Appleby may need to complete the Anglo Irish investigation. Read Full Thread Reply
Posted at 25/5/2008 17:14 by lbo Falling slowly in Dublin town The value of commercial property is falling, the likelihood of getting decent rent increases is receding, tenants are thinner on the ground and the cost of finance is soaring for anyone using borrowed money, unless they are on a fixed rate deal. Take, for example, a deal touted by Anglo Irish Bank last November. The bank was seeking private client investors for its 255 million geared-property fund which planned to buy a number of properties in Dublin and Britain. One of the main assets the fund planned to buy (for 107 million) was a commercial property in South King Street, Dublin, developed by Joe O'Reilly of Chartered Land. In exchange, the investors would get about 3,200 square metres of retail space to be rented by a number of leading retailers including Spanish clothing chain Zara. O'Reilly is a property developer who has been involved in a number of leading commercial property developments, including Dundrum Town Centre and the Pavilion in Swords, both leading Dublin shopping centres. He would be well known to Anglo Irish Bank. The bank has lent to him in the past and has registered charges against certain Chartered Land assets, according to Companies Registration Office filings. According to the sales brochure produced by Anglo Irish, investors in the scheme were being asked to put up 63 million of the 107million purchase price, while Anglo Irish would provide about 44 million in loans. The deal was hence very low risk to the bank, as the fund's investors would be putting up 60 per cent of the purchase price, leaving the bank with a very big cushion against adverse events - such as a fall in the value of the property. There appears to have been several months' delay in finalising the deal. This was possibly due to investor uncertainty triggered by the international credit crunch and questions about the future direction of the property market. Eyebrows were raised in investment circles when the Irish Times reported in February that Anglo Irish Assurance Company, the pensions and investments division of Anglo Irish, had acquired the South King Street property for a net yield of only 2.75 per cent. The low yield came as a surprise given that Anglo Irish was offering, even to savers with relatively small amounts to deposit, an interest rate of 7 per cent. It raised the question: why settle for such a low yield in a very uncertain commercial property market when you could leave your money with the bank and earn a return of at least 7 per cent? At the time, the Insider sought a copy of the formal prospectus (as opposed to the sales brochure) to better understand why investors were willing to settle for such an apparently low yield. Anglo declined to provide one and declined even to discuss the deal. If you also go back it seems Bernard McNamara is also involved in the UK properties in the geared fund. The portfolio's UK properties include Finsbury Dials, a six-storey City office block let to JP Morgan Chase Bank, and Great Minster North, a five-storey central London building occupied by the Department of Transport. Yields on the properties are comparatively aggressive with Finsbury Dials offering investors 4.4 per cent while Great Minster North is set at 4.36 per cent. Although Bernard McNamara holds a stake in both, the fund has a majority 89 per cent stake on each building. It also seems Anglo have backed the Ringsend development with McNamara giving 288.4m in debt. And also Anglo have backed Mr McNamara in Champion Sports Don't know if Anglo are backing the Burlington and Allianz sites which Mr McNamara paid around 388m. Read Full Thread Reply
Posted at 23/1/2008 11:12 by lbo Shutters go up on British property funds Fiona Walsh London Briefing: As panicked shareholders rushed to dump equities this week amid growing fears of global recession, investors in some of Britain's leading property funds found themselves unable to sell their ailing investments even at a knock-down price. Several hundred thousand investors in leading institutions, from Scottish Equitable to Scottish Widows, have been locked in to their property funds, once seen as safe-haven investments, where they will now have to wait at least six months or even a year before they can retrieve their money. The funds have closed their doors on withdrawals after investors, in a panic akin to that being seen on equity markets, stampeded to withdraw their cash amid growing evidence that the commercial property bubble has well and truly burst. Friends Provident put up the shutters on its £1.2 billion property fund late last month and was followed last week by Scottish Equitable. The 129,000 small investors in Scottish Equitable's £2 billion property fund will now have to wait for up to a year to get their cash back. Scottish Widows, which is owned by Lloyds TSB, followed suit earlier this week, when its 200,000 policyholders were told that they could not remove their cash from its £2 billion life property and pension property funds for at least six months. With panic mounting among investors, other leading property funds will almost certainly be forced to close their doors before too much longer. Britain's commercial property market has been battered by the same forces behind the stock market turmoil - the credit crunch. It has made borrowing more expensive and brought the lucrative combination of easy deals and spiralling prices shuddering to a halt. With hindsight, it is now possible to see that the peak of the market was reached last May. That was when banking giant HSBC clinched a deal to sell its Canary Wharf tower block to the Spanish property firm Metrovacesa for £1.1 billion; the first time a single building had sold for more than £1 billion. Now, however, the market is in the grip of its biggest downturn since the recession of the early 1990s. According to figures from Property Investment Databank, returns from commercial property fell by 3.7 per cent in December and, over the past six months, the sector has tumbled by almost 10 per cent. The office market in the City of London has been particularly hard hit, as financial institutions respond to the downturn by laying off staff and putting any expansion plans on indefinite hold, thus further reducing demand for space. As consumers cut back on spending, the market for retail property investments is also looking less attractive by the day. The funds which have put up the shutters have seen their liquidity levels - so-called "buffer funds" - plunge to such an extent that, in order to meet the demand for cash from investors, they would be forced to sell chunks of their portfolios. "Buffers" would normally amount to 10 per cent or more of a fund's total assets and would be used to cover withdrawals. But at Scottish Equitable, for example, the rush to withdraw funds saw its "buffer" plunge to £80 million - just 4 per cent of total assets. At Scottish Widows, the "buffer fund" has plummeted from over 10 per cent last autumn to less than 2 per cent. Selling an office building or retail park is never the quickest of deals to do, even in a bull market, and certainly not during a downturn. Had they not pulled the plug on withdrawals, Scottish Equitable and the other funds would have been forced into a distress sale of their assets. Read Full Thread Reply

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